Lubna ranked 67th among world's 100 powerful women

posted on 25/05/2013

Sheikha Lubna bint Khalid Al Qasimi, Minister of Development and International Co-operation has been ranked 67the among the world's strongest women in 2013, according to the annual report released by the Forbes.

She was also ranked the first at the Arab level, followed by the Saudi Businessperson Lubna Al-Elian.

Forbes is an American business magazine owned by Forbes, Inc. Published biweekly, it features original articles on finance, industry, investing, and marketing topics. Forbes also reports on related subjects such as technology, communications, science, and law. Its headquarters are in New York City. – Emirates News Agency, WAM

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Emirates opens luxury refurbished lounge in Paris Charles de Gaulle Airport

posted on 25/05/2013

Paris: Emirates, has inaugurated its refurbished Paris Charles de Gaulle Lounge for First Class and Business Class passengers as well as Platinum and Gold members of Emirates Skywards - the airline's frequent flyer programme.

It is the first of the airline's existing worldwide network of lounges to be refurbished in the new interior design, originally unveiled within Emirates' Concourse A Lounges in Dubai earlier this year.

Redesigned for a total investment of 3.8 million Euros (Dh 17.6 million), the lounge has also been relocated to a more central location. The new space, between Terminal 2A and 2C, offers improved customer access and a clear view onto the tarmac, a perfect location for customers to relax and undertake some plane spotting. The overall size of the lounge has also been boosted by 67 per cent offering a spacious 926sqm that can now welcome up to 156 passengers.

The opening of the refurbished lounge was marked by a ribbon cutting ceremony attended by Mohammed Mattar, Emirates' Divisional Senior Vice President Airport Services and Thierry Aucoc, Emirates' Country Manager for France.

"The refurbishment of this lounge is a further marker of our commitment to offering our premium class customers the best possible passenger journey with Emirates," said Mattar.

"Selecting our lounge in Paris as the first destination to receive the new look refurbishment was an easy choice. Our capacity to Paris has increased significantly this year, with the instalment of a second daily A380 and our commitment to the city has also grown, with our recent sponsorship of the French Open Tennis and renewal of our sponsorship with Paris Saint Germain for a further five years," added Mattar.

The 35 existing lounges of the Emirates network will be refurbished according to the new design in a phased plan over the next 18 to 24 months.

Emirates currently operates 32 weekly flights to France, including 20 weekly flights to Paris Charles de Gaulle, a daily flight to Nice and five times weekly service to Lyon. – Emirates News Agency, WAM

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UAE reaffirms resolve to fight wildlife crimes

posted on 25/05/2013

The timely interception by Dubai Customs authorities, to prevent the illegal shipment of elephant tusks, signifies that countries opposed to smuggling and selling of endangered species of animals or their body parts, are escalating their operations against poachers.

"The mass slaughter of elephants for ivory is resulting not only in endangering the species and lowering their numbers, but also in promoting the ivory trade, which is illegal in most countries," said UAE local daily, Gulf News, in its editorial.

It is believed, the paper added, a staggering 50,000 elephants may have been killed for their ivory last year. This leads to a waning of numbers. The UAE is a proactive player in regulating and controlling international trade in wild flora and fauna. "Stringent federal laws have been set up to thwart the ambitions of those who indulge in such activity. Punitive measures are also set in place," it added.

More than the laws that are formulated, however, it is also up to individuals or customers who must play their part in curbing this illicit activity.

"Awareness is crucial. Think before you buy works made of ivory. It is illegal, especially in the UAE, under the Cites (Convention on International Trade in Endangered Species of Wild Flora and Fauna) Act. Think about the consequences that can follow and also about the role you can play in reporting such sales to UAE authorities. We are all stakeholders in tackling the global problem of crimes against wildlife," the paper cautioned. – Emirates News Agency, WAM

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Sharjah eyes more Korean, Asian tourists and investments ahead of Seoul summit

posted on 25/05/2013

The Third UAE-Korea Economic Partnership Forum that opens tomorrow will help provide a direct impetus to the travel and tourism industry in Sharjah and the UAE by way of more Korean and Asian tourists and investments in the promising tourism and hospitality sector, said Mohamed Ali Al Noman, Chairman, Sharjah Commerce and Tourism Development Authority.

This came in the SCTDA Chairman's statement on the eve of the Third UAE-Korea Economic Partnership Forum, being held in the South Korean capital Seoul on May 27 and 28.

The Sharjah delegation to the third partnership summit is organised by the Sharjah Commerce and Tourism Development Authority and headed by Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Sharjah Media Corporation and Sharjah Media Centre. The delegation includes besides SCTDA, Sharjah Investment and Development Authority (Shurooq), Sharjah Media Centre, Sharjah Chamber of Commerce and Industry and Sharjah Healthcare City.

Al Noman said that while the number of Asian and Korean tourists to Sharjah has grown in recent years, there is immense potential to attract more visitors and investors from across Asia, especially Far East region which is home to some of the fastest growing economies and expanding tourism markets such as South Korea, Malaysia, Thailand and Indonesia besides the big players like China and Japan.

Last year, Sharjah received more than 227,554 tourists from Asia, which is 13 per cent of the total number of its international guests.

"We have to build on these encouraging trends and initiatives like the UAE-Korea Economic Partnership Forum offer a great opportunity to do so," said Al Noman. Pointing out to the healthy economic and trade relations between South Korea and the UAE and Sharjah, Al Noman said this has to be expanded to the tourism sector which is the fastest growing in the Middle East.

In this respect he emphasised that the SCTDA has already been targeting the Asian tourism market for years by showcasing Sharjah in international trade exhibitions such as ITB Singapore and the Beijing International Tourism Expo.

Al Noman called upon all stake holders in the public and private sectors of the emirate to work together to exploit the excellent opportunity presented by the Seoul summit.

"South Korea is our important economic and trading partner. And Sharjah, as the region's leading economic and trade and tourism hub will play an important part in the UAE-Korea Economic Partnership Forum," asserted Al Noman.

The third UAE-Korea Economic Partnership Forum seeks to foster and fortify special economic partnerships with South Korea in different sectors to generate more economic and investment opportunities and cooperation between the two countries.

South Korea is one of the most important trade and investment partners of the UAE with a number of South Korean companies operating out of the UAE.

South Korea ranks tenth in the total non-oil foreign trade of the UAE. Foreign trade between South Korea and the UAE stood at Dh23.7 billion in 2011, and South Korean firms and investors have played a crucial role in leveraging the UAE's advantages as a regional economic and trade hub. – Emirates News Agency, WAM

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Shurooq seeks to attract Russian investors to Sharjah

posted on 25/05/2013

The Sharjah Investment and Development Authority (Shurooq) has announced that it will be participating in Arabia Expo 2013, which will take place from 30 May to 1 June at Lenexpo, the largest exhibition centre in St. Petersburg, Russia.

Shurooq's participation in the event during their inaugural visit to Russia forms part of the Authority's strategy to promote Sharjah's investment potential. The Authority will be represented by Ahmed Obaid Al Qaseer, Shurooq COO, and Elie Armaly, Director of Business Development at Shurooq and will be will be taking part in conjunction with Hamriyah Free Zone, SAIF Zone and the Sharjah Chamber of Commerce and Industry as part of the UAE delegation participating under the umbrella of the Ministry of Economy.

As part of the event, Shurooq will be taking part in the exhibition and attending the associated business programme and conference. With the main objective of the event being to expand trade and economic relations between Russia and the Arab world, to help participants to establish partnerships, and to organise bilateral meetings and negotiations, Shurooq has also scheduled a series of meetings with a number of participating bodies.

Commenting on Shurooq's aims for the event, Al Qaseer said: "With this being Shurooq's first visit to Russia, our participation in Arabia Expo 2013 will provide a golden opportunity to not only showcase Sharjah's varied and unique investment opportunities through the exhibition itself, but also to engage with Russian businesses and potential investors through a series of meetings, the aim of which is to expand cooperation and establish mutually beneficial joint projects and attracting investment cooperation." The UAE and Russia has a strong and distinguished relationship, as is evidence by a double taxation avoidance agreement signed in 2010 and a bilateral cooperation agreement in the field of peaceful nuclear energy, which was signed in 2012, Al Qaseer added.

Investment flows between the two countries have also witnessed a big surge during the past few years in numerous joint projects. The UAE-Russian investments touched Dh 81 billion ($22billion) in 2010. There are 450 Russian companies operating in the UAE, including joint ones, while Emirati investments in Russia amounted to Dh 66 billion.

Shurooq was established in 2009 with the aim of achieving social, cultural, environmental and economic development on the basis of Sharjah's distinct Arab and Islamic identity, and to encourage investment by adopting the best international standards in providing quality services that help attract investors from the region and the world.

Shurooq's key mission is to provide facilities and incentives to help overcome obstacles facing investment activities in the Emirate, evaluate tourism and investment related infrastructure projects, and lay down the necessary plans to complete such projects. – Emirates News Agency, WAM

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Dubai Maritime City to be represented at UAE-Korea Economic Partnership Forum

posted on 25/05/2013

Dubai Maritime City (DMC announced today that a high-level team led by Khamis Juma Buamim, Chairman of Drydocks World and Maritime World will participate in the UAE-Korea Economic Partnership Forum 2013.

The event will be held under the patronage of the UAE Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum from May 27-28, 2013 at Seoul, Korea. The event is supported by the UAE Ministry of Foreign Affairs, UAE Ministry of Foreign Trade, Federation of UAE Chambers of Commerce and Industry, Dubai Department of Economic Department, Foreign Direct Investment.

The delegation hopes to promote the top-class DMC facility, which is one of the most iconic multi-purpose developments of an international stature, among Korean trade and business community, in order to encourage investment opportunities and to facilitate and nurture mutual ties and strengthen bilateral relationships.

There has been an overwhelming international interest in the development primarily due to the excellent infrastructure development, logistical support and strategic location between Europe and Asia, in one of the rapidly developing regions of the world.

Highlighting the singular advantage to companies in being based in the City, Khamis Juma Buamim, the Chairman of Drydocks World and Maritime World said, "DMC is a one-of-a-kind development that encourages and propagates marine and maritime activity in a business-friendly environment.

It provides ample opportunities to set up and develop business in the highly accessible business hub of Dubai, which is well-connected with the rest of the world. The infrastructure and logistical support accorded to companies within the City is second to none. This is complemented by support from Government establishments for easy and hassle-free set up and hence maximizing business progress and faster ROI." "Our participation in the Forum would enable us to direct and guide the business community on the immense possibilities and benefits of setting up within DMC. The UAE today provides business-conducive environment and is the second largest market for Korean investors in the Middle East. Presence here would help penetrate markets in North Africa and South Asia besides the Middle East," he added. – Emirates News Agency, WAM

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Central Bank of the UAE, TRA sign MoU

posted on 25/05/2013

Central Bank of the UAE represented by the Department of Information Technology and the Telecommunications Regulatory Authority (TRA) represented by Computer Emergency Response Team, have signed the Memorandum of Understanding (MoU) to ensure the security system of the Central Bank, clients and exchange of data and research between the two parties.

The deal was signed by Sultan bin Nasser Al Suwaidi, Governor of Central Bank of the UAE and Mohammed Nasser Al Ghanem, Director General of TRA.

Commenting on the signing of MoU, Al Ghanem said the cooperation with the Central Bank aims to enhance security information standards and practices to prevent the internet hacking, noting that the two parties would cooperate to implement the international practices in this respect. – Emirates News Agency, WAM

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NBAD issues $465 million convertible bonds

posted on 25/05/2013

The National Bank of Abu Dhabi (NBAD) has issued US$465 million senior unsecured convertible bonds, convertible into ordinary shares of NBAD.

The offering, due in 2018, was increased from an initial amount of US$350 million following strong demand from investors during the book-building process.

It may be increased by a further amount of up to US$35 million in the event of exercise in full of the over-allotment option granted by NBAD to the Joint Book-runners, exercisable on or prior to June 3rd, 2013.

The offering received strong investor demand; it was more than three times oversubscribed with a quality order-book in excess of US$1.5 Billon, showing investor demand for NBAD's equity story.

It has a strong distribution across a wide investor base across the UK, France, Germany, Switzerland, and offshore accounts.

"Strong demand from long-only funds allowed us to increase the deal size from US$350 million to US$465 million and price the deal at the tight end of the range," says Stephen Jordan, the Group Treasurer of NBAD.

The offering of bonds follows the authorisation granted by the Extraordinary General Meeting of NBAD held on March 12th, 2013.

BofA Merrill Lynch, Barclays and J.P. Morgan Securities plc acted as Joint Global Co-ordinators and Joint Book-runners along with NBAD as Joint Book-runner. J.P. Morgan Securities plc is acted as settlement agent on the offering. – Emirates News Agency, WAM

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Khalifa presented with GCC Clubs Football Championship trophy

posted on 25/05/2013

President His Highness Sheikh Khalifa bin Zayed Al Nahyan received at Al Rawdha Palace in Al Ain H. H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister, Interior Minister and Chairman of Bani Yas Football Club who presented to him the GCC Clubs Football Championship trophy, clinched by Bani Yas after beating Al Khor of Qatar 2-0 in the final match.

Sheikh Khalifa congratulated Bani Yas team on winning the coveted prize. He said championships could only be achieved by perseverance, dedication, loyalty and efforts.

Sheikh Khalifa also said the UAE had been attaching great importance to sports, the development of which is a reflection of the progress attained in all walks of life.

He expressed his keenness to provide support to sports and athletes in the UAE so they can achieve glory to their country in regional and international arenas.

He urged the champions of the GCC Clubs Football Championship to take this achievement as a precursor for more to come and to act as true ambassadors to their country and role models for ethics and sportsmanship.

Sheikh Saif expressed pleasure at dedicating the win to Sheikh Khalifa for his unlimited support to the sports in the UAE.

He said the Bani Yas Club were determined to continue their efforts for more achievements under the wise leadership of President His Highness Sheikh Khalifa bin Zayed Al Nahyan. – Emirates News Agency, WAM

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